Thanks for sharing the article TC - I think there is a lot of confusion on what the existing ERCF rules are so I disagree on the author's current calculation. He also lays out a realistic timeline for any changes, and I hope he is wrong about Congressional Hearings and the PSPA amendment having to wait until Q4 2026. For me the Dividend Payout Restrictions are most informative in that we do not have to have fully met the ERCF requirements to start paying dividends. It is my understanding that if the SPS balance was reallocated to Retained Earnings, Fannie would be able to pay out about $ 6 bn in dividends to JPS and common shareholders since it would be in the 40% threshold. Eligible Retained Income is $ 14.364 bn X 40%. If JPS was converted in a consensual exchange offer the amount would be 60% of $ 14.364 or about $ 8.6 bn. Of course there would be dilution with a JPS conversion. Thanks again for sharing.
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